Robi's IPO approved

Robi Axiata Ltd has received the nod of approval for its initial public offering (IPO) today.

Bangladesh Securities and Exchange Commission (BSEC) approved the IPO of Robi Axiata in its 741st commission meeting held in its office in the capital.

Robi would raise a fund of Tk 523.7 crore from the market by issuing 52.3 crore shares.

This is the biggest IPO in the history of Bangladesh followed by the country's top telecom company Grameenphone that raised Tk 486 crore in 2009.

Robi submitted its IPO proposal on March 2 to float 10 percent or 52.37 shares under fixed price method.